Sunny Singh, the CCO of BitPay, recently appeared on Bloomberg to speak about the cryptocurrency market, and whether Bitcoin [BTC] has found the bottom in price. He also spoke about regulatory atmospheres around the world and on the general downturn of Bitcoin.
When asked about whether the market has found its bottom, he stated that it was “hard to say”, as it is looking for a “catalyst” to drive the price. Singh went on to say that right now rumors are being spread regarding infrastructure being built. However, he had a positive outlook on the near future, stating:
“I think next year you will the big entrants become real. If you see Goldman [Sachs] does launch a trading desk, Fidelity does launch a Bitcoin product, Square does offer Bitcoin processing for merchants, Blackrock does launch an ETF. All that will become real and then you’ll see some adoption actually and then you’ll see the price start bouncing back up again.”
Singh added that the price was going to focus on rumors and fluctuate until the market sees actual adoption. This statement comes after Bitcoin’s price dropped after Goldman Sachs denied, and later rescinded, their involvement in offering a trading desk for Bitcoin.
However, the industry itself has seen a lot of bullish news recently, with signs of infrastructure being built for Bitcoin. This includes events such as more players in the custody market like Bitgo, the announcement of Bakkt by the InterContinental Exchange, and the issuance of a regulated stablecoin by the Gemini brothers.
Notably, Singh also gave his comments on whether he believed that the ICO market gives cryptocurrencies a bad name. He stated that it has always been the case with them and that trading exchanges are not very regulated. He went on to recall events from the last year, where getting an ICO token listed on Binance or Bittrex could increase market valuation to a “million dollars”. He stated:
“Now that they’re [investors] seeing Bitcoin’s price drop, ICOs are no longer in favour they’re down 95%. People aren’t trading ICOs much anymore, people are still trading Bitcoin and a lot of other stuff actually. The ICO market is going to be in a lot of trouble, actually. A lot of the ICOs won’t make it back to where they were 8 months ago.”
On the general state of investor sentiment in the cryptocurrency market, Singh that a lot of people in the industry have “never been more bullish”. He further added that business was great, and everyone is going “full speed ahead”. However, he stated:
“The issue is in the altcoins, they will never come back I believe, in the same way Bitcoin will come back. Fidelity, blackrock they’re not launching altcoin products, they’re launching Bitcoin products. So Bitcoin is going to rebound next year, when all these products are mainstream adopted…it’s still full speed ahead in the bitcoin space, but I can’t guarantee what’s going to happen in the altcoin world.”
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